LOS ANGELES—Champion Real Estate Co. recently said its spending goal for 2013 is $100 million inacquisitions, and the firm has promoted Greg Beck to partner at the firm to find mixed-use properties to add to the portfolio.
In this new role, Beck will oversee all development activities for the company including sourcing, acquiring urban land for development, renovation and adaptive re-use. He will work in hand with Champion’s retail partner, Chris Wilson andpartner Alex Saunders.
Beck said in a statement that the firm will also start aggressively seeking opportunities in the Bay Area, as well as secondary markets in. The firm will be seeking investments ranging in the $5 million to $100 million for mixed-use properties that involve complex and challenging value-add scenarios including unentitled and distressed situations, he said.
“We are confident that now is a great time to take advantage of the market and Greg's knowledge will provide us the opportunity to acquire great opportunities,” said Bob Champion, president of the firm. At present, the company is developing two majorprojects in Hollywood, including 500 apartment units.